| Record ID | harvard_bibliographic_metadata/ab.bib.11.20150123.full.mrc:422637201:1480 |
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LEADER: 01480nam a2200265Ia 4500
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008 080528s1999 xx a b |0|0|0|eng|d
035 0 $aocn229432358
090 $aHG4028.V3$bB195 1999
100 1 $aBaker, Malcolm$q(Malcolm P.)
245 10 $aEstimating industry multiples /$cMalcolm Baker, Richard S. Ruback.
260 $c1999.
300 $a30 leaves :$bill. ;$c28 cm.
500 $a"First draft: May 1999. Rev. June 11, 1999"--Added title page.
500 $a"This study has been supported by the Division of Research of the Harvard Graduate School of Business Administration"--Added title page.
504 $aIncludes bibliographical references.
520 $aWe analyze industry multiples for the S&P 500 in 1995. We use Gibbs sampling to estimate simultaneously the error specification and small sample minimum variance multiples for 22 industries. In addition, we consider the performance of four common multiples : the simple mean, the harmonic mean, the value-weighted mean, and the median. The harmonic mean is a close approximation to the Gibbs minimum variance estimates. Finally, we show that EBITDA is a better single basis of substitutability than EBIT or revenue in the industries that we examine.
650 0 $aCorporations$xValuation.
650 0 $aEconometrics.
650 0 $aSampling (Statistics)
700 1 $aRuback, Richard S.,$d1954-
710 2 $aHarvard Business School.
988 $a20080528
906 $0MH